Myth #1: I can’t become a member there.
This is a common misconception due to the fact that credit unions were created to serve a specific group of people. However, the truth is most credit unions have expanded their fields of membership to community based. For example, a membership at WCU is open to all who live, work, worship , and attends school in Morgan or Lawrence Counties.
Myth #2: It will be hard to access my money
Credit Unions offer many ways to access your account like online banking and mobile app. In fact, many credit unions (including WCU) are now part of a vast, nation-wide network of fee free ATM’s known as shared branching. This means you can complete transactions on your account at a completely different credit union branch, miles away from home, as long as they are also part of shared branching.
Myth #3: They aren’t big enough to offer financial protection
Credit Unions are federally insured by the National Credit Union Administration (NCUA) which is the credit union equivalent to the Federal Deposit Insurance Corporation (FDIC) which insures banks. Your account will be protected when a member at a credit union.
Myth #4: They don’t offer as many services as a bank
Credit Unions actually offer many of the same services that banks offer like savings, checking,credit, online banking, IRA’s, and ATM’s. They often have lower rates on loans, savings, and charge fewer fees because they are not-profit and owned by the members, this means the money they make is returned to the members through lower rates!
Call us today to find out how we can best serve your financial needs!